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on the macro level, much of it in the united states but also obviously global issues that are well known, that create an enormous amount of needed caution in the world. i'm not sure that's going to get resolved until we have significant resolution of where we are in the macro side. >> and of course the election is also a big uncertainty there. >> it certainly is. >> do things get unlocked after november 6th? what's your take on that? and also, well let's talk about the election. what kind of impact do you think after the election, things loosen up? >> i don't agree with the theory that says that its irrelevant who wins that it's just certainty. i don't think this has ever been about just certainty. it's about a set of policies either encourage or allow business growth or set of policies that tend to diminish the ability of our economy to grow to employ people. i think the election is as many people have said, a very sequential one in terms of impact on our business because we're trying to invest in companies where we believe we can generate better than gdp growth and look at the gdp base
. not just about growth here in the united states, but growth in china, growth in the eurozone, and where demand is going to come from. >> all right. steven, one thing we are expecting from these quarterly numbers is a contraction in earnings. they are expected to be negative for the third quarter. i expect it to bounce back in the fourth quarter. wrote are you expecting any big blowups? we saw norfolk southern, caterpillar, these large multinationals that are disappointing. what's on the horizon? >> we are zfdefinitely in a maturing earnings cycle. i think earnings will come in line with expectations that have been reduced dramatically. i think more importantly than the earnings may well be the top line revenue. so analysts are going to get out a microscope, be looking at revenues to see what's happening there. this is going to be a challenging environment. mandy, great point. china's deceleration is very important. it's very real. you're seeing that in commodity complex. i think that revenue line is going to be very, very important. that's probably going to come in soft. >> all right. w
can allow more drilling in the united states and streamline environmental regulations. president obama has done neither one. >> okay. do you think oil companies control gas prices or just markets? you have to put policies in place that drive markets. >> sure, the price of oil is set on the global market, period. what is happening in the united states now is that motorists in chicago are competing for effectively the same gallon of gasoline as motorists in shanghai and mumbai. there's very little the president can do about that except stimulate production in the united states. that will contribute to the global pool of oil and therefore affect the price. >> dan, what did you think? >> robert is half right. oil prices are set on the world market, but the part he's missing is it's controlled by the opec cartel. their goal is to keep the oilg oil price between $80 and $100 a barrel, which is where it's fluctuated for the last year and a half. in fact, independent studies by the department of energy, congressional research service, and the associate the press have all found there's no corre
, with all due respect, we have far more advanced defense systems here in the united states than anywhere else in the world. we have a lot more intellectual property to protect on that front. >> intellectual property is something hauwei values greatly. we are the world leader in terms -- >> that's not the spirit of my question. you say they operate throughout europe. they operate throughout asia. those countries -- europe does very little in the way of its own defense, et cetera. we are the primary drivers of defense spending in the entire world. we have a lot more to protect. so, to say they're doing business in europe doesn't answer the concerns of the united states. >> i'm not sure what the connection is there. hauwei sells commercial telecommunications infrastructure. this is the plumbing through which internet traffic takes place. we don't operate any networks. the gear they deploy is built to the same global standards as our competitors and all of it is being developeded and coded and built in china to a great extent. there are vulnerabilities, but they are universal. and anyone tha
. is that globally? is that just the united states? is it internationally? bear in mind, last night we heard from alcoa and klaus kleinfeld seeing a decline in demand for aluminum internationally. what about what you're seeing right now economically? >> we're seeing north america, the united states basically flat. that feels sideways. europe is down a bit, but our business in europe is heavily tilted to eastern europe and includes russia. our business is actually up in russia and eastern europe. brazil feels like the united states. china, i think china is growing at something far less than 7%. they've slowed down, and it feels more to us like 2 or 3%. >> really? >> wow. that's a real deceleration. still growing, but at a much slower pace. >> well, that's what it feels like to us in the business we're in. we're about half selling to customers who export their products and half to customers that sell domestically. if you look at things like electric power con sumts in china, it's flat. that ought to be a good indicator of the level of economic activity. i do think it will come back though. >> that'
competitive leads to investment and job creation here in the united states. the general cut in marginal tax rates, the governor advocates, will increase small business creation. on the energy side, removing and improving energy regulations that would limit domestic production and distribution, particularly in natural ga gas are also big job creators. the governor said he would move forward on many trade agreements the administration has let slip. all of this across the board, very, very much pro growth and very much what the economy can do. >> and the point is, is to get back to growth. once you have a growing economy, that will create the revenue required to actually put it down on the deficit, is that what you're saying? >> no. the deficit and debt comes from reducing the trajectory of government spending. tax cuts don't pay for themselves. tax reform requires base broadening and bringing down the deficit requires hard choices on spending, as gov more romney said. >> looking at this new york times, martin bailey was one of the critics of the romney economic plan. he's basically saying the
the united states. what can you tell us about spending money, managers putting money to work in terms of i.t.? >> people will spend money if there's good return on investment, solid return on investment, people will spend. i think that's indicative of what you saw in our results. that said, there isn't a customer went do have, maria, who isn't on an austerity plan and innovation agenda at the same time. people are trying to save money. at the same time, to free them up to be able to invest. >> let me get your take on this transition or sort of the way data has transitioned. you know, traditional data, oracle has been the main company and the leadership firm there. but data is changing. and so now people are calling it big data, whether you're talking about traditional data or the data from cell phones, smartphones, biotech, a lot of health care information. what are you doing in terms of transitioning to the big data? because it does seem some of the smaller upstarts have taken some market share in some of that big data, the data that's changing. >> big data, most often described as more d
-year lows. you've caught capacity in the united states. would you consider closing more if prices remain sluggish in are you expecting prices to stay in the dumps? >> well, on the pricing side, we see a very interesting thing. we see on the one hand the aluminum market fundamentals are strong. we see strong demand. we just came out and basically said this year is going to be 6%. we took it down one percentage point from where we had it earlier. we've always said demand was going to double in this decade. the assumption is that it's going to grow 6%. we've seen over the years that the demand increase has been much, much higher. we see demand and supply pretty much in balance. we see strong regional premiums, which is a good indication of the physical as well as the financial demand. at the same time, the market basically has forgotten those fundamentals and sentiments basically dominates pricing. >> are you expecting it to slow down from 2012 to 2013? >> we'll see. we haven't put our '13 number out. it's still -- there's still a lot of uncertainty out there. at this point in time, most ma
about it? >> i signed the letter, maria. so, yes, i think that the debt level of the united states government is a major problem and want fiscal cliff is a major problem and it has to be dealt with very quickly by the politicians in washington. >> i mean, it is extraordinary it's business once again raising the red flag, and we're still waiting on our so-called leadership to do anything about this. >> well, what's happened, in my mind, is that the american businesses balance sheets are in very good shape. the american consumer has improved his balance sheet dramatically in the past four years, but it's the government's sector that has not improved their balance sheet in any way nor improved their spending habits. i think that the market is waiting to see the government get its spending in order and waiting to see what's going to happen with taxing and spending before businesses are going to go out and really feel good about making investments. >> unbelievable. so one area that you believe can really provide a boost to this economy, of course, is energy. you're red hot on natural ga
of energy. we're the third largest producer of oil in the world today. oil production in the united states is up 8%. we have all the natural gas. so this is going to be a huge job creator. a few weeks ago i was in germany and saw one of the ceos of the largest german factory. they're going to close a factory in one of their cities and opening a factory in charlotte. the reason why, our natural gas is now about $3.40 btu. in europe, it's over $11. in asia, it's over $18. because our natural gas prices are so much cheaper here, this factory is going to be built using the natural gas to build plastics. this ceo, this was a big multicap, large multinational german company who said there's going to be a renaissance in u.s. manufacturing because of our energy situation. >> well, this came up last night during the debate with mitt romney talking about one of the ways to create jobs is through energy in this country. >> it's happening. by the private sector right now in the natural gas area, it's happening. also in oil. so it's already happening. it's just going to start accelerating. now manufact
and the characteristics of the united states' economy that could be unleashed if we solve the problem. >> that's because we work in cable tv, steve. let's bring in the aforementioned rick santelli. rick, your initial thoughts. i have to say my favorite sound bite was alan simpson referring to politicians worshipping the good of re-election. that's one of the core issues here, right? we just can't get a deal done. >> i agreed with 99% of everything. as a matter of fact, i think i have about 20 santelli exchanges that represented almost every one of those clips. i agree with all of it. the only thing that i had a reservation with is i think that when lloyd blankfein talked about courageous and aggressive, it depends on which side of the receiving end of the liquidity you are. the goldmans, the primary dealers, the large banks, they're on the receiving end. other than that, i agree with everything. politicians are there to serve, but, no, they're there to get re-elected. the two gentlemen sitting there that were once politicians don't have to worry about re-election. there's a degree of honesty there that
populated in the united states. while this was a freak storm, it's demonstrated that when our outdated power grid is tested, it fails. now, of course, we cannot control such things as the weather, so let's focus on what we can control. how we can improve our infrastructure like our power grid. to me this storm and the massive power failure should be a clarion call to address our antiquated grid to better withstand such uncontrollable events and to do this, once again, it comes down to reining in the fast growing $16 trillion debt the united states is currently saddled with. that total growing by more than $1 trillion over year. that kind of burden on america, there is little wiggle room for unforeseen events such as hurricane sandy. and think about this. we managed to accumulate this debt and run an annual $1 trillion
of the united states so it's a large, severe hurricane but in terms of allstate we're well covered. >> and you are putting people up in hotels and trying to answer their claims right away is what you just said. >> we're doing everything we can. we need help contacting loved ones if they need help with water, getting clothes, getting into hotels, we have people go door to door. we do advertising, try to find them. we do everything we can to try to get to our customers because this is what it's all about. this is why you buy allstate insurance because when something like this happens you want somebody there on your side and that's what we're trying to do. >> absolutely and obviously this storm is not going to be in the earnings we're about to talk about but how significant a hit is this on your earnings for the next quarter? >> it's way too early to tell. i would say based on the size of this storm, it will be significant, but not material. this is not -- these types of events are in the normal volatility that we and our shareholders expect. >> in terms of your latest earnings that were just out
cyber attack on the united states? the frightening details are straight ahead. >>> and at a cost. amazon reveals its making no profit on its kindle in order to get more customers to use its services. is this a sound business strategy? that answer and more ahead on the "closing bell." customer erin swenson bought from us online today. so, i'm happy. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert, reroute... even reschedule her package. it's ups my choice. are you happy? i'm happy. i'm happy. i'm happy. i'm happy. i'm happy. happy. happy. happy. happy. (together) happy. i love logistics. then don't miss sleep train's wbest rest ever? you'll find sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guarantee. get your best rest ever from sleep train. superior service, best selection, lowest price
are probably even more troublesome than low interest rates, and to slow the economy not only in the united states but around the world. i think there are institutions because of those various problems can take advantage of that situation that can gain market share and actually do quite well and i think wells fargo has demonstrated the ability to do just that. it has had 11 straight quarters of record earnings and has pulled as many levers as they can pull. and i think the market share gained by wells fargo is the best that we have ever done. the sector is trouble, but that doesn't mean that every participant in that sector can't do well. >> was it a mistake to let smith go? >> i don't know the answer to that question, other than you do need to slim down and focus and i think that's certainly one of the prime areas that you perhaps need to divest of versus the more commercial level of investment banking. >> thanks so much for joining us, we'll see you soon. we appreciate your time. former ceo of wells fargo, we'll take short break and we have got more reaction to the citi conference call. b
here in the united states. he's up next with what's driven him to spend almost $5 million of his own money to get his concerns out. >> later, rising from the depths on this day 25 years ago, the dow plunged 508 points. it closed at 1738, yeah. that's 1,700. we're at 13,000 now. despite today's selloff, it's trading above that 13,000 level. up next, why sticking to the sidelines may not be the best strategy over the long term. back in a moment. looking for a better place to put your cash? here's one you may not have thought of -- fidelity. now you don't have to go to a bank to get the things you want from a bank, like no-fee atms, all over the world. free checkwriting and mobile deposits. now depositing a check is as easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account today and discover another reason serious investors are choosing fidelity. chances are, you're not made of money, so don't overpay for motorcycle insurance. geico, see how much you could save. >>> welcome
is quiet on the home front? i don't even understand why the president of the united states would not call it what it was from day one. >> i think primarily it was this narrative that the president has been saying for so long that he got bin laden which we all appreciate but then that al qaeda is on the run. al qaeda is on the comeback, maria. they are moving back into iraq in the most significant ways. there's training camps in western libya. they are all over north africa. they've taken over northern mali and they are surging in afghanistan as we withdraw. the whole issue of libya very quickly, events that led up to it should have worn us. the on the day it happened, there was realtime footage clearly that was not any demonstration. there was no demonstration and finally after wards how the president could go out several days later saying that this demonstration was triggered by a hateful video is either, one, willfully deceiving the american people or gross incompetence which doesn't in my view qualify him to be commander in chief. >> hillary took the fall for it. is it at all even poss
picture outside of the united states. that's what we're seeing in these earnings. but when things turn, the corporate sector in america should certainly be poised to do very well, given their positioning with cash on balance sheets. guys, thank you. see you later. ron, herb, thanks very much. hedge fund pioneer julian robertson putting his millions where his mouth. i should say billions. leading a vanguard of wealthy owners to a super pac supporting mitt romney. we'll talk about mitt romney's prospects for victory, what that could mean for the market, and where he's putting money right now. >>> up next, ex-goldman sachs banker greg smith hoping his new book will catapult to the best sellers book. he'll sit down with me after the break about what's in that book. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the
of no trading in the united states mean for investors? bob pisani is with me along with cnbc contributor of "destination wealth management" and aaron hodges. what do you think the impact will be when trading does resume? you've got to believe certain people sitting on positions, either wanted to unload those positions or get new ones? what would you expect wednesday if, in fact, trading does resume? >> well, you know, it's interesting. one would think there would be this pent-up demand to trade. but i think given the fact that there's going to be such outages and so much disruption on the east coast, i expect volume to be pretty light. if volume is pretty light and we have companies actually beginning to report their earnings, which many today and tomorrow will be reporting wednesday, thursday, friday, you could actually see -- not so much from the storm, really just thin volume and see significant volatility based on earnings report. >> as people just stay out of the way. bob, are they going to be able to open the new york stock exchange and nasdaq on wednesday? what pressures are out t
Search Results 0 to 18 of about 19